Comcast Reports 1st Quarter 2012 Results

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Brian L. Roberts, Chairman and Chief Executive Officer of Comcast
Corporation, said, “We are off to a great start in 2012, with strong
revenue and cash flow growth and record quarterly free cash flow.
Cable’s results show real momentum in High-Speed Internet and Business
Services, and continuing improvements in Video results and Voice
services. As we continue to drive innovation and bring the XFINITY brand
to life, we’re delivering more and better products and transforming the
customer experience.

We are also pleased with the performance of NBCUniversal, which posted
strong revenue growth, led by the Super Bowl and successful film
releases, along with reliable growth in our Theme Parks and Cable
Networks, and steady progress in Broadcast. NBCUniversal and Cable
Communications are also working well together to launch new programs and
offer innovative products. We are looking forward to events like the
Olympics that will bring together all of our company’s unique abilities
to deliver compelling stories and new digital experiences across every
screen, in and out of the home.”

Consolidated Financial Results

Consolidated financial results include NBCUniversal as of January 28,
2011 and 100% of Universal Orlando as of July 1, 2011.

Revenue increased 22.7% in the first quarter of 2012 to
$14.9 billion, while Operating Cash Flow increased 15.3%
to $4.7 billion and Operating Income increased 24.0% to
$2.8 billion.

Earnings per Share (EPS) for the first quarter of 2012 was
$0.45, a 32.4% increase from the $0.34reported in the first
quarter of 2011. Excluding NBCUniversal transaction and related costs of
$0.02 per share in the first quarter of 2011, EPS increased 25.0% in the
first quarter of 2012 (see Table 4).

Free Cash Flow (excluding any impact from the Economic
Stimulus packages) increased 36.8% to $3.0 billion in the first quarter
of 2012 compared to $2.2 billion in the first quarter of 2011,
reflecting growth in consolidated operating cash flow and improvements
in working capital, partially offset by higher capital and intangible
asset expenditures.

Note: The definition of Free Cash Flow excludes any impact from the
2008-2012 Economic Stimulus packages. These amounts have been excluded
from Free Cash Flow to provide an appropriate comparison. NM=comparison
not meaningful.

Dividends and Share Repurchases. During the first quarter
of 2012, Comcast paid dividends totaling $304 million and repurchased
25.9 million of its common shares for $750million. As of March
31, 2012, Comcast had approximately $5.8 billion available under its
share repurchase authorization.

Pro Forma Financial Results

Pro forma results are presented as if the NBCUniversal transaction,
which closed on January 28, 2011, and the Universal Orlando transaction,
which closed on July 1, 2011, were effective on January 1, 2010. These
results are based on historical results of operations, adjusted for the
effects of acquisition accounting and eliminating the costs and expenses
directly related to the transaction, and are not necessarily indicative
of what the results would have been had Comcast operated NBCUniversal
and Universal Orlando since January 1, 2010 (see Table 5 for
reconciliations of pro forma financial information).

Revenue. For the first quarter of 2012, Cable revenue
increased 5.7% to $9.6 billion compared to $9.1 billion in the first
quarter of 2011. This increase was driven by a 10.3% increase in
High-Speed Internet revenue, a 37.0% increase in Business Services
revenue and a 1.6% increase in Video revenue. Monthly average total
revenue per Video customer increased 7.8% to $143.40, reflecting a
growing number of residential customers taking multiple products, rate
adjustments and a higher contribution from business services.

Operating Cash Flow. For the first quarter of 2012, Cable
operating cash flow increased 5.5% to $4.0 billion compared to $3.7
billion in the first quarter of 2011, reflecting higher revenue offset
primarily by increases in programming, sales and marketing and other
expenses to support new business areas. This quarter’s operating cash
flow margin was 41.2% compared to 41.3% in the first quarter of 2011.

Capital Expenditures. For the first quarter of 2012, Cable
capital expenditures were flat to the prior year at $1.1 billion and
represented 11.0% of Cable revenue in the first quarter of 2012 compared
to 11.6% in last year’s first quarter.

Customers. In the first quarter, combined Video,
High-Speed Internet and Voice customers increased by 565,000, driven by
High-Speed Internet customer net additions, up 5% over the prior year.
As of March 31, 2012, Video, High-Speed Internet and Voice customers
totaled 50.4million, an increase of 2.8% over last year’s first
quarter.

Pro forma NBCUniversal results are presented as if the NBCUniversal
transaction, which closed on January 28, 2011, and the Universal Orlando
transaction, which closed on July 1, 2011, were effective on January 1,
2010.

Revenue for NBCUniversal increased 18.0% to $5.5 billion
in the first quarter of 2012, reflecting strong revenue growth in every
segment, including Super Bowl revenue of $259 million in the Broadcast
Television segment. Excluding the Super Bowl in the first quarter of
2012, revenue increased 12.4%. Operating Cash Flow increased
34.3% to $813 million compared to last year’s first quarter. Excluding
transaction-related costs totaling $92 million in the first quarter of
2011, operating cash flow increased 16.6% (see Table 6).

For the first quarter of 2012, revenue from the Cable Networks segment
increased 5.8% to $2.1 billion compared to $2.0 billion in the first
quarter of 2011, primarily driven by a 5.9% increase in advertising
revenue, a 3.8% increase in distribution revenue and a 20.5% increase in
other revenue. Operating cash flow decreased 1.4% to $805 million
compared to $817 million in the first quarter of 2011, reflecting higher
programming and production costs, primarily due to a shift in the number
of NBA games to the first quarter of 2012.

Broadcast Television

For the first quarter of 2012, revenue from the Broadcast Television
segment increased 36.9% to $1.9 billion compared to $1.4 billion in the
first quarter of 2011 and included $259 million of revenue generated by
the Super Bowl. Excluding the impact of the Super Bowl in the first
quarter of 2012, revenue increased 17.7%, reflecting higher primetime
ratings and higher revenue from a content licensing agreement. In the
first quarter of 2012, the Broadcast Television segment generated an
operating cash flow loss of $10 million compared to operating cash flow
of $20 million in the first quarter of 2011, reflecting higher
programming and marketing costs to support the mid-season primetime
schedule (see Table 6).

Filmed Entertainment

For the first quarter of 2012, revenue from the Filmed Entertainment
segment increased 22.3% to $1.2 billion compared to $975 million in the
first quarter of 2011, primarily reflecting higher theatrical revenue
driven by the release of Dr. Suess’ The Lorax and Safe
House, and increased home entertainment revenue due to a higher
volume of new titles, including Hop and Tower Heist. In
the first quarter of 2012, the Filmed Entertainment segment generated
operating cash flow of $6 million compared to an operating cash flow
loss of $146 million in the first quarter of 2011, primarily reflecting
higher theatrical revenue and the corresponding increase in the
amortization of film costs.

Theme Parks

Theme Parks results are presented as if the Universal Orlando
transaction, which closed on July 1, 2011, was effective on January 1,
2010. As a result, Theme Parks segment revenue and operating cash flow
includes the results of Universal Orlando, Universal Hollywood and
international licensing fees.

For the first quarter of 2012, revenue from the Theme Parks segment
increased 5.7% to $412 million compared to $390 million in the first
quarter of 2011, driven by higher per capita spending at the Orlando and
Hollywood parks. First quarter operating cash flow increased 17.1% to
$157 million compared to $134 million in the same period last year.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and
eliminations between the NBCUniversal businesses. Included in these
expenses are non-recurring transaction-related costs during the first
quarter of 2011 that totaled $92 million.

Corporate, Other and Eliminations

Pro forma Corporate, Other and Eliminations include corporate
operations, Comcast-Spectacor and eliminations between Comcast's
businesses. For the quarter ended March 31, 2012, Corporate, Other and
Eliminations revenue was ($193) million compared to ($143) million in
2011, reflecting reduced revenue due to the sale of the Philadelphia
76ers in 2011. The operating cash flow loss was $80 million compared to
a loss of $78 million in the first quarter of 2011.

Notes:

1
We define Operating Cash Flow as operating income (loss) before
depreciation and amortization, excluding impairment charges related
to fixed and intangible assets and gains or losses on the sale of
assets, if any.
2
Earnings per share amounts are presented on a diluted basis.
3
We define Free Cash Flow as Net Cash Provided by Operating
Activities (as stated in our Consolidated Statement of Cash Flows)
reduced by capital expenditures, cash paid for intangible assets and
cash distributions to noncontrolling interests; and adjusted for any
payments and receipts related to certain nonoperating items, net of
estimated tax benefits. We do not present Free Cash Flow on a pro
forma basis.
All percentages are calculated on whole numbers. Differences may
exist due to rounding.

Conference Call Information

Comcast Corporation will host a conference call with the financial
community today, May 2, 2012 at 8:30 a.m. Eastern Time (ET). The
conference call and related materials will be broadcast live and posted
on its Investor Relations website at www.cmcsa.com
or www.cmcsk.com.
Those parties interested in participating via telephone should dial
(800) 263-8495 with the conference ID number 64891388. A replay of the
call will be available starting at 12:30 p.m. ET on May 2, 2012, on the
Investor Relations website or by telephone. To access the telephone
replay, which will be available until Wednesday, May 9, 2012 at midnight
ET, please dial (855) 859-2056 and enter the conference ID number
64891388. To automatically receive Comcast financial news by email,
please visit www.cmcsa.com
or www.cmcsk.com
and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements. Readers are
cautioned that such forward-looking statements involve risks and
uncertainties that could cause actual events or our actual results to
differ materially from those expressed in any such forward-looking
statements. Readers are directed to Comcast’s periodic and other reports
filed with the Securities and Exchange Commission (SEC) for a
description of such risks and uncertainties. We undertake no obligation
to update any forward-looking statements.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are
not presented according to generally accepted accounting principles in
the U.S. (GAAP). Certain of these measures are considered “non-GAAP
financial measures” under the SEC regulations; those rules require the
supplemental explanations and reconciliations that are in Comcast’s Form
8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com)
is one of the world’s leading media, entertainment and communications
companies. Comcast is principally involved in the operation of cable
systems through Comcast Cable Communications and in the development,
production and distribution of entertainment, news, sports and other
content for global audiences through NBCUniversal. Comcast Cable
Communications is one of the nation’s largest video, high-speed Internet
and phone providers to residential and business customers. Comcast is
the majority owner and manager of NBCUniversal, which owns and operates
entertainment and news cable networks, the NBC and Telemundo broadcast
networks, local television station groups, television production
operations, a major motion picture company and theme parks.

Pro Forma information is presented as if the NBCUniversal
transaction and the acquisition of the remaining 50% interest of
Universal Orlando occurred January 1, 2010. Pro forma data does
not include adjustments for costs related to integration
activities, cost savings or synergies that have been or may be
achieved by the combined businesses. Pro forma amounts are not
necessarily indicative of what our results would have been had we
operated the NBCUniversal contributed businesses or Universal
Orlando since January 1, 2010, nor of our future results.